2023 Economics final exam

Economics can be defined as ________________.

• the science of decision making

• the study of human behavior

• the science of buying and selling

• the study of unlimited resources

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

The place where goods and services are exchanged

• barter
• currency
• market
• resource

What are 3 basic economic concept?

• Scarcity,Choice,Opportunity Cost

• Choice,Demand,Preference

• Land,Capital,Labour

• Production,Capital good,Public Good

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

Which two basic economic principles create the need for choices?

• scarcity and contentment

• utility and opportunity

• insatiability and scarcity

• subjective value and utility

What are the two basic elements of the circular flow model?

• banks and households

• households and business firms

• business firms and stock markets

• stock markets and banks

Which is not one of the 3 main economic questions?

• What will be produced?

• Where will it be produced?

• How will it be produced?

• For whom will it produced?

In terms of resources, what do households provide for businesses?

• loans
• savings
• labor
• private goods

On this PPC, which point is efficient? 

• A
• C
• D
• None